Keelvar raises €23m in fresh funding to expand in the US

Alan Holland's firm uses artificial intelligence to optimise a company's procurement, sourcing, and supply chain

Keelvar CEO Alan Holland: 'Procurement is broken. Costs are out of control, capacity is scarce, and disruptions are everywhere.' Picture: Denis Scannell

Cork supply chain firm Keelvar has raised a further $24m (€22.8m) in Series B funding, bringing its overall raise so far to $43m (€40.85m).

The investment was led by venture capitalist firm 83North. Series A investors Elephant, Mosaic, and Paua doubled down on their investment. Bastian Nomichacher, the co-founder and co-CEO of Celonis, also joined as a minority investor.

Keelvar’s Series B builds off a period of rapid growth and expansion for the company, which increased its headcount by 200% since the start of 2021.

The tech firm was founded in 2012 by Alan Holland and uses artificial intelligence to optimise a company's sourcing and supply chain. Keelvar already works with a number of high-profile clients such as BMW, Coca Cola, Glanbia, and Novartis. Last year, it added supermarket firms Tesco and the Musgrave Group along with tech giant Microsoft to its list of customers.

Keelvar said it will use this latest investment to further scale in the US, where demand for intelligent sourcing solutions is rapidly increasing. The company said it plans to provide new solutions for large enterprise and mid-market businesses.

"Procurement is broken. Costs are out of control, capacity is scarce, and disruptions are everywhere. This dynamic makes it incredibly difficult for buyers and suppliers to remain agile, manage risk, and strike deals," said Mr Holland, founder and CEO of Keelvar.

We see an immense opportunity to alleviate economic and supply chain bottlenecks by making the sourcing process easier, faster, and more intelligent. 

"Our technology fundamentally changes what’s possible by offering a new approach to intelligent automation and optimisation."

Brett Fultz, director of global analytics, global procurement, and supply chain at Coca-Cola, said they used the Cork firm's software to help manage one of their most complex categories — global transport. 

"The technology was so effective we quickly expanded its use across our supply chain," he said.